Ghana: Press spotlights plans by Govt to set up Fintech Innovation Fund, others

APA – Accra (Ghana)
The report that the Government plans to set up a FinTech Innovation Fund to support Start-ups to drive Ghana’s digital revolution is one of the leading stories in the Ghanaian press on Tuesday.
The Graphic reports that the Government is to set up a FinTech Innovation Fund to support Start-ups to drive Ghana’s digital revolution.
The initiative is to ensure that the country leverages on the power of technology to improve productivity and connectivity to empower individuals through fintech startups, as well as small and medium-scale businesses to increase innovation, and efficiency in the operations of institutions.
The Vice-President, Dr Mahamudu Bawumia, announced this in Accra yesterday at the official press launch of the maiden 3i Africa Summit.
The three-day summit, to be held in Accra, is scheduled for May 13-15, 2024, on the theme: “Unleashing Africa’s FinTech and Digital Economic Potential”.
The event, being organised by the Bank of Ghana (BoG) and the Development Bank Ghana (DBG), in partnership with Elevandi, a subsidiary of the Monetary Authority of Singapore, would attract governments, businesses, policy-makers, academia, investors and thought leaders.
Participants are expected to discuss and collaborate on unlocking Africa’s full potential on fintech and digital economy, especially innovation.
Vice-President Bawumia, who has championed the government’s national digitalisation agenda, over the past seven years, said the path to Ghana’s digital revolution was through fintech, hence, it was imperative to support them financially to thrive.
He, therefore, encouraged all stakeholders in the fintech and digital industry to join forces in improving the legislative and regulatory environment in order to enhance the payments ecosystem and position Ghana on the path of sustained financial inclusion.
The newspaper says that Goldfields expects its transaction with Galiano Gold to close in the first half of the year.
In December 2023, the company announced the sale of its 45% effective interest in the Asanko gold mine to its joint venture partner Galiano Gold.
Giving an update of the transaction in his regional overview of the company’s performance in its annual report for 2023, Chief Executive Officer of Gold Fileds, Mike Fraser said; “The transaction was structured in such a way that Gold Fields received an upfront amount of US$85m (settled in cash and Galiano shares) with the remaining amount staggered over three future payments.
In addition, we will receive a 1% net smelter royalty on future production from the Nkran deposit once Gold Fields Results 2023 certain conditions have been met.
Meanwhile, total production (excluding Asanko) of Gold Fields Ghana, decreased by 8% to 704koz in 2023 from 762koz in 2022.
This, according to the company, was driven by decreased production at its Damang minedue to the completion of the Huni and Lima Kwesi Gap pits and increased processing of lower grade stockpiles.
The Ghanaian Times reports that the Jospong Group of Companies on Monday achieved another milestone with the signing of a Memorandum of Understanding (MoU) with the Lagos State Government to provide solutions to recycling, treatment and processing of waste.
Under the MoU, Jospong Group of Companies which is currently pro-viding improved sanitation services in other African countries, would deploy its cutting edge technology and build the capacity of the government in handling waste.
The signing was attended by members of the House of Assembly, local waste collection associations, and state officials.
Dr Joseph Siaw Agyepong, Execu¬tive Chairman of the Jospong Group of Companies signed for the Group, while Mr Tukunbo Wahab, the Com-missioner of the Ministry of Environment and Water Resources, initialled for the state.
In his remarks, Dr Agyepong said that Jospong aimed to collaborate and build the capacity of their counterparts.
He said the Jospong Group of Companies sought to establish a material recovery facility to reduce downstream pressure (waste disposal volume) at landfills; Mobile Transfer loading stations to replace current stationary plants and reduce waste at pressure points (markets); repurposing of current Olusosun landfill; supply of self-tipping tricycles to augment transfer and loading station operations, and bin manufacturing and plastic recycling plant to streamline recyclable activities.
Dr Agyepong said the proposed, well proven sustainable solution for environmental sanitation would boost carbon ratings in Lagos, to raise the needed funds to build more sustainable infrastructure.
Dr Agyepong said that he was convinced the signing of the MoU would mark the beginning of a great relationship between the Jospong Group and various states of Nigeria.
He said he was delighted that Jospong Group of Companies extended its services to Nigeria, primarily in the upstream waste management sector, as a report by the Lagos State Waste Management Agency, stated that Lagos State produces approximately 13,000 tonnes of waste daily.
The newspaper says that the Bank of Ghana (BoG), Development Bank Ghana (DBG) and the University of Ghana Business School (UGBS) have signed a Memorandum of Understanding (MoU) to conduct a study on the challenges hampering the growth of Micro, Medium and Small-scale Enterprises (MS¬MEs) in the country.
The nationwide study titled “The MSME Innovative Financing Project,” being conducted by theUGBS would be completed by the end of April.
The objective of the study is to provide fresh empirical evidence on the financing gap MSMEs are facing and explore innovative schemes that can be deployed by financial institutions to drive the development of the MSMEs sector.
Speaking at a ceremony in Accra yesterday to sign the MOU for the commencement of the project, the First Deputy Governor of the BoG, Dr Maxwell Opoku-Afari, said the study would promote understanding of and also provide anecdotal evidence on the financ­ing challenges MSMEs face in Ghana and the funding gap that existed, and recommend new and innovative ways of closing those funding gap.
“At the end of the day, this study will provide us with reliable document which will inform policy that will encourage innovation in financing the critical mass of the economy, the MSMEs and by that create employment and spur economic growth,” DrOpoku-Afari stated.
The First Deputy Governor averred that credit and credit delivery were critical to the development of every economy, particularly developing economy, such as Ghana.
The Dean of the UGBS, Professor Justice Bawole, in his remarks, said his outfit was excited to be part of the project, adding that it was in line with one of the mandates of the school which was research.
Prof. Bawole said he was hopeful the collaborative programme would come out with practical solutions to address the challenges facing MSMEs.
GIK/APA